Aldar not to lay off employees
None of Aldar Properties' 500 employees has been laid off and neither will the company delay or halt any of its projects inside or outside the country, a top company official said.
Board Chairman Ahmed Ali Al Sayegh denied news that work on Yas Island has come to a halt. The second-largest real estate developer of the UAE has also confirmed that work is under way on Yas Island as the main buildings will be ready ahead of November next year, the time for Formula 1 Grand Prix.
Al Sayegh told Emirates Business: "It is not true that Yas Island or any other Abu Dhabi project has been stopped. On the contrary, work on the company's projects proceeds in a record manner, and we are reassured the company is not facing any problems. It is committed to delivery dates, and I confirm the Abu Dhabi economy is very strong, and Aldar is part of it."
Meanwhile, Aldar Chief Commercial Officer Mohammed Khalifa Al Mubarak told Emirates Business "some 15,000 workers are working round the clock on Yas Island project".
Al Mubarak said execution is going on in an excellent manner and that work on the major phase one projects, or the infrastructure, is over by 75 per cent, the seven hotels (60 per cent), Formula 1 ring (75 per cent) and Marina (70 per cent).
He said the number of workers will be increased during the coming period, adding that phase one projects are expected to be completed ahead of November 2009 to host the Formula 1 race. The project will continue for years to come and will accommodate some 100,000 residents, said Al Mubarak.
He said Aldar this week has appointed new staff to meet the company's big commitments.
Al Mubarak said foreigners have not withdrawn from the units they have booked in the company's Abu Dhabi projects. "On the contrary there is a big demand by foreigners, especially southern Europeans, Britons and Indians for property for residence or investment."
He said Aldar has not postponed any of the payments of the residential units it is building now.
In the meantime, Chief Financial Officer Shafqat Malik said Aldar is not facing a liquidity problem at all. Up to November this year, the company had Dh30 billion of assets, said Malik. On whether Aldar is contemplating a cut in the percentage of foreign owners following a similar move by Sorouh, Malik said the rate is 26 per cent, and there is no plans for reducing or increasing this rate. Aldar Properties has Dh74 billion worth of Abu Dhabi projects.